Is Carvana Driving Higher?Carvana has consolidated since last summer, but now it may be driving higher again.
The first pattern on today’s chart is the falling trendline along the peaks of December and January. CVNA pushed through it this week, which may suggest a breakout has begun.
Second, the online car seller bottomed slightly above a December weekly close of $40.26. Is that level new support?
Third, the stock has held its 50- and 100-day simple moving averages. That may suggest the longer-term trend is bullish.
Its 8-day exponential moving average (EMA) also crossed above its 21-day EMA. That may suggest the short-term trend is bullish.
Next, tighter readings on Bollinger Band Width may create the potential for price expansion.
Finally, MACD has turned positive.
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